Itr-4 new amendment schedule - al

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narender (Querist)

30 June 2013 Dear Friends

The Income Tax Return Form -4 has a schedule AL for the individuals having total income exceeding 25 Lakh.

This Schdule Requires Details of Personal Assets held by the assessee apart from business assets.

can anybody suggest me how we will calculate the value of few assets such as

1. Land & Building (As the Property is purchased several years back)
2. Jewellery
3. Vehcile ( Dep. need to be charged or not???)

Thanks

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

30 June 2013 Amount (Cost) (Rs.) indicates in the schedule that such reporting is required at cost price.
.
Land & Building purchased several years back: Certain consideration must have been paid as Land and Building can not be acquired at Free at that time also.
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In case these have been acquired by the previous owner his cost may be mentioned.
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Decide on the basis of the documents or records for the Land & Building.
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If nothing is available with you , ascertain whether somebody else has any right or document over such property.
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Lastly : Put an estimated figure by contacting knowledgeable people in or outside of your family.
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JEWELLERY: Same as above.
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VEHICLES: As the schedule specifically requires cost price to be stated, mention cost price.
.

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